The Central Bank of Iran (CBI), via its Informatics and Services Corporation (ISC) and in conjunction with Areatak — a Tehran-based blockchain solutions provider — is developing a national blockchain project for its banking and financial sector.
Called the Borna platform, Iran hopes to use the project to revamp its banking ecosystem, creating a digital financial economy that will replace the current legacy system. There are also future plans to open up the platform to local private establishments, creating a unitary monetary and banking system for the country.
Given the country’s current standoff with the United States and the renewal of economic sanctions by the latter, rumors persist that Borna is an attempt by Tehran to circumvent these sanctions. Project stakeholders say such reports are unfounded and that Borna is only meant for use within the country’s borders — and doesn’t yet support any cryptocurrency token.